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Course Content (course 9:15am-5pm):

In all of Property Overview’s courses an experienced and friendly practitioner can add real value as we are able to combine theory and practice and show real-life examples to bring the subject matter to life.

Property, and debt in particular, is full of terminology and processes that can seem frankly bewildering. Jonathan, a seasoned real estate debt veteran, will bring unbiased clarity and insight. His practical approach helps each attendee bed down theory in an engaging, efficient manner.

Whether you work for a lender, borrower or service provider, the content and context provided by this 1-day course will help the attendee in business discussions and decision making. Some basic understanding of the property market is a prerequisite.

 

Module 1

The supply and use of debt in real estate investment

  • Motivation to provide debt by lenders; how real estate debt compares
  • Drivers of property cycles
    • ….and how volatility impacts LTVs, lending volumes, profitability, debt covenants and other lending aspects
  • Types of debt in use across real estate
    • What impact interest rates and debt margins – in general and per type
  • Why borrow?
    • How much, what way, for how long, at what cost?
    • How risky? How does it magnify returns and losses?
  • The sectors
    • What are they and what is their appeal
    • How has their appeal changed since the GFC and how has their appeal changed due to COVID-19. What are key considerations?
    • ESG: environmental, social and governance considerations
    • Proptech – the future is digital?

Module 2

Private Commercial Real Estate debt and its place in the 4 quadrants

  • Private and Public debt market instruments

Who do you borrow from? The change in debt capital sources and market players

  • What are the characteristic of the debt markets (senior, mezz and quasi equity)
  • How has this changed since the GFC – the rise of the unregulated lenders
  • Who can offer what type of debt
  • What else can investors do?

How does the capital structure and risk profile differ?

Case study

Module 3

Debt-specific jargon

Debt-structuring

What is the art of the possible/what are the constraints

Risk, return & leverage

  • Borrowers: capital structure, mezzanine finance, leveraged appraisal
  • 4 Quadrant investment, debt & performance

Module 4

Negotiating the term sheet

Risk assessment of property debt, including underwriting & credit risk

What is your exit

Final pieces of essential jargon, discussion on covenants, ratios, calculations

Case study game – compare and contrast real-life cases in your group and apply all that you have learned. This helps translate theory into practice

Conclusions

 

Taught by Jonathan Monninkendam, a senior, friendly and approachable practitioner

Risk management needs to embrace uncertainty and structural change

Converting the high street

Contagion or containment in the real estate industry

REITs: Castles of Sand?

My hopes and fears for UK property in 2020

CBRE buying Telford Homes: a symbol of change

New Frontiers: Flexible Space Operators and Landlords fight a turf war

New Frontiers: Space Management Beyond Bricks & Mortar

New Frontiers: Does WeWork Work for Occupiers AND Investors?

TFL, AFL, laughable?

How blockchain is the new kid on the block in real estate

A.I. for you and I

Big data, big deal?

Footloose and fancy-free?

Inhabit: the purported £1bn development programme greystar is buying according to property week

UK commercial RE lending survey 2017 take-aways

How safe is retail as an investment?

Build-to-Rent NOI growth predictions for the UK

The Grenfell Tower fire is impacting many apartments across the UK

Is the UK housing market more difficult to understand than quantum mechanics?




Get in contact now

Email Me:

 cleo@propertyoverview.co.uk

Call Me:

+44 (0) 7722866610